The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued an Accounting Standards Update (ASU) that will change how leases are recognized on the balance sheet.
New lease accounting standards will generally take effect in December 2019 for public companies and 2020 for private companies. However, for certain types of businesses, the changes will take effect in December 2018.
The new standards will affect all tangible assets, but with regard to the real estate industry, these changes will primarily impact corporate real estate lessees.
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